Arab Today, arab today argentina stocks sink 49 on default worries
Last Updated : GMT 12:07:30
Arab Today, arab today
Arab Today, arab today

Argentina stocks sink 4.9% on default worries

Arab Today, arab today

Arab Today, arab today Argentina stocks sink 4.9% on default worries

A trader gestures at the Buenos Aires Stock Exchange
Buenos Aires - AFP

Argentine stocks lost 4.9 percent Thursday, as the government warned it could default on its debt at the end of the month after it lost a US court battle with bondholders.
The benchmark Merval index fell to 7,394.84, with most of the loss coming at the opening bell.
Late Wednesday, the economy ministry said it would be unable to make a court-ordered June 30 payment to creditors due to a federal judge's ruling that it pay at the same time "holdout" bondholders who had refused to take part in the 2005 and 2010 restructuring of the country's debt.
Argentina had fought the demands of the holdouts for full payment, but on Monday, the US Supreme Court gave a final victory to the holdouts' case.
That decision means that the country must pay out some $15 billion to the holdouts -- more than half the country's reserves -- as soon as it makes any regular payment to holders to the restructured bonds.
Buenos Aires, which calls the hedge funds that led the holdout court case "vultures," says it cannot afford to make those payments and will default.
The US ruling "prevents Argentina from making the June 30 payment to its creditors of the restructured debt unless they simultaneously pay the entire amount claimed by the vulture funds," the ministry said.
President Cristina Kirchner warned Monday that the country did not want to abide by the US ruling, likening it to "extortion."

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today argentina stocks sink 49 on default worries Arab Today, arab today argentina stocks sink 49 on default worries

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today argentina stocks sink 49 on default worries Arab Today, arab today argentina stocks sink 49 on default worries

 



Arab Today, arab today Etiquette expert calls for short visits

GMT 16:21 2017 Monday ,26 June

Etiquette expert calls for short visits
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday